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What are finfluencers and how are they shaping our personal finances?
Finfluencers are now an everyday part of our lives online. But are they good or bad for our money?
There’s no doubt finfluencers are here to stay. The way we consume media has shifted dramatically in the past decade.
Where once traditional outlets such as newspapers, television and radio were the primary sources of financial information, audiences are increasingly turned to digital platforms.
Social media, in particular, has become central to how younger generations access information. Platforms such as YouTube, Instagram, TikTok and Twitter (now X) are no longer just spaces for entertainment but have become hubs for education, commentary and general news.
Part of the reason for this change lies in accessibility. Financial topics can often appear intimidating when presented in broadsheet columns or specialist magazines.
Social media creators, by contrast, tend to use plain language, short-form videos and relatable anecdotes to break down complex ideas.
For many users, learning about savings accounts, pensions or investments from someone who appears similar to themselves feels more approachable than hearing from a suited expert on television.
The shift also reflects changes in trust. Surveys have shown that younger audiences, in particular, may feel sceptical about institutions and are more inclined to listen to voices they perceive as authentic.
In practice this has meant moving away from authority-led broadcasting to peer-to-peer style communication.
The rise of finfluencers after the pandemic
Financial influencers, often referred to as “finfluencers”, became especially prominent in the wake of the Covid-19 pandemic. Lockdowns saw people spending more time online and engaging with content creators on a daily basis.
At the same time, global financial uncertainty drove interest in money management. With jobs under threat, markets volatile and personal budgets under strain, people sought quick, digestible financial information.
Platforms such as TikTok saw an explosion of content under hashtags like #MoneyTok or #Investing. These videos ranged from budgeting tips to explanations of cryptocurrency. While some of the advice was basic, it met a demand for financial literacy at a time when many were reconsidering their money habits.
Finfluencers also benefited from a democratisation of financial commentary. In the past, speaking about investments or market trends required access to television or publishing platforms. Today, anyone with a smartphone can share their perspective. Some creators have built followings in the hundreds of thousands, or even millions, by posting regular, easy-to-digest content.
Gabriel Nussbaum, That Money Guy: inside the life of a finfluencer
How finfluencers can be helpful
Finfluencers can provide a number of benefits to audiences looking to improve their financial wellbeing.
First, they help normalise talking about money. In the UK, conversations about personal finances have often been considered private or even taboo. Social media has made it easier to share experiences, whether that is paying off debt, saving for a deposit or investing through a pension.
Second, they can make financial literacy accessible. Concepts such as compound interest, asset allocation or inflation can appear complex when explained in technical terms. Finfluencers often use analogies, graphics or storytelling to make these topics easier to grasp.
Third, they can inspire positive habits. Many creators share budgeting challenges, saving goals or debt repayment journeys. Seeing others progress can motivate viewers to set their own targets. For younger audiences, in particular, this can be an engaging way to begin thinking about money earlier in life.
Finally, finfluencers can act as a gateway. While they may not replace professional advice, they can spark curiosity and encourage viewers to read further, seek regulated guidance or take practical steps such as opening an ISA or increasing pension contributions.
Red flags to watch for
While there are clear positives, there are also risks. Social media is largely unregulated when it comes to financial commentary. This makes it essential for audiences to be cautious.
One of the biggest red flags is the promotion of ‘get rich quick’ schemes. These often promise high returns with little effort or risk. Common examples include certain cryptocurrency investments, trading signals groups, or property schemes. If an influencer suggests you can double your money in weeks, it should be treated with suspicion.
Another warning sign is the lack of transparency. In the UK, the Financial Conduct Authority (FCA) requires paid promotions to be clearly labelled. However, not all influencers follow these rules. If someone is recommending a product but does not clearly disclose whether they are being paid or sponsored, viewers should be wary.
It is also important to consider the influencer’s credentials. Some finfluencers are qualified financial advisers, but most are not. An engaging online presence does not necessarily equal expertise. Audiences should always double check whether the information is backed up by reliable sources.
Finally, beware of high-pressure tactics. If an influencer tells you to act immediately, or risk missing out, it may be an attempt to push you into a decision without time for reflection.
The future of online personal finance media
Looking ahead, online personal finance media is likely to continue growing. Younger generations are already consuming most of their information via social platforms, and financial topics are unlikely to be an exception.
Finfluencers may well become an enduring part of the landscape, alongside traditional media and regulated advisers.
That said, regulation is beginning to catch up. The FCA has already issued warnings about misleading financial promotions online. As scrutiny increases, platforms may face more responsibility to remove harmful content or ensure that paid promotions are clearly flagged. This could improve trust and transparency for audiences.
We may also see a convergence between finfluencers and mainstream media. Some creators are already appearing in television programmes, writing for newspapers or partnering with financial institutions. This blending could create a new hybrid of financial education, where content is both relatable and reliable.
For audiences, the question will be one of discernment. Trust should not be given automatically, whether to an anonymous TikTok account or to a long-established newspaper columnist. Instead, individuals will need to assess whether information is accurate, transparent and suitable for their own circumstances.
Practical steps include checking whether an influencer discloses sponsorships, researching the FCA’s warnings list, and remembering that financial advice should ideally be tailored. For major decisions such as investing large sums or choosing a mortgage, speaking to a regulated adviser remains the safest route.
Finfluencers offer both potential benefits and some risks. On the one hand, they have opened up conversations about money, made complex ideas accessible, and encouraged financial literacy. On the other, they have also created space for misleading promotions and risky schemes.
As media consumption continues to evolve, it is likely that finfluencers will remain part of the personal finance conversation. The key for audiences will be to engage critically.
Social media can be a starting point, but trust should be earned through transparency, expertise and regulatory compliance.
For those willing to learn and question, finfluencers may well be a useful part of navigating personal finances in the digital age.
DISCLAIMER
This video is produced for general informational purposes only. It should not be construed as investment, legal, tax, mortgage or other forms of financial advice.
If in any doubt about the themes expressed, consider consulting with a regulated financial professional for your own personal situation.
Past performance is no guarantee of future results. Investments can go down as well as up and you may get back less than you started with.
Investments are speculative and can be affected by volatility. Never invest more than you can afford to lose. For more information visit www.fca.org.uk/investsmart
